You're on the right track, bandit1.
I'll ensure you'll be able to tie the check to your inventory items.
You can write a check and record it to the Inventory asset account if you use an asset account to track the down payment you made for your vendor or company. I'll show you how.
These are the steps to write a check to your vendor/company:
- Go to the Banking menu, then select Write Checks.
- Enter the vendor/company name, date, and payment amount.
- Go to the Expenses tab. In the Account column, select the Inventory asset account.
- Hit Save & Close.
Here's how to tie the check to your inventory items:
- Go to the Vendors menu, then select Enter Bills.
- Go to the Expenses tab, then select the Inventory asset account.
- Enter the amount of the down payment as a negative value.
- On the Items tab, enter the items. The bill will equal the balance owed after deducting the down payment.
- Hit Save & Close.
I also encourage you to reach out to your accountant since they might have a different way to record the transaction.
For your reference, you can read this article for more information: Record vendor prepayments or deposits for prepaid parts or services.
In addition, I've added this resource in case you want to remove a credit from an invoice or bill for future reference: Remove or unapply a credit from an invoice or bill.
